The integration of electronics, IoT, communication systems, and others, will reduce human intervention in machines. Autonomous forklifts are one of the innovations that can load, unload and transport goods without human intervention. In addition, forklifts can be independently maneuvered within warehouses and transport heavy loads without damage. Autonomous forklifts are equipped with cameras and sensors that provide information about their operation. Also, automatic forklifts operate according to programs loaded in software. Due to such benefits offered by autonomous forklifts, factory owners are increasingly procuring autonomous forklifts for transporting goods, which creates ample opportunities for the growth of the market across the globe.
The autonomous forklift market is segmented into tonnage, navigation technology, end-use, application and region. By tonnage, the market is classified into below 5 Tons, 5-10 Tons, and above 10 Tons. On the basis of navigation technology, it is segregated into laser, vision, optical tape, magnetic and inductive guidance. Depending on end-use, it is bifurcated into retail & wholesale, logistics, automotive, food industry and others. By application, the market is classified into indoor and outdoor. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Agilox Services GmbH, Balyo, Hyster-Yale Materials Handling, Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, KION Group AG, Mitsubishi Logisnext Co., Ltd., Oceaengineering International, Inc., Swisslog AG, and Toyota Industries Corporation.
The autonomous forklift market is segmented into tonnage, navigation technology, end-use, application and region. By tonnage, the market is classified into below 5 Tons, 5-10 Tons, and above 10 Tons. On the basis of navigation technology, it is segregated into laser, vision, optical tape, magnetic and inductive guidance. Depending on end-use, it is bifurcated into retail & wholesale, logistics, automotive, food industry and others. By application, the market is classified into indoor and outdoor. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Agilox Services GmbH, Balyo, Hyster-Yale Materials Handling, Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, KION Group AG, Mitsubishi Logisnext Co., Ltd., Oceaengineering International, Inc., Swisslog AG, and Toyota Industries Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the autonomous forklift market analysis from 2021 to 2031 to identify the prevailing autonomous forklift market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the autonomous forklift market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global autonomous forklift market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Tonnage
- Below 5 Tons
- 5 to 10 Tons
- Above 10 Tons
By Navigation Technology
- Laser
- Vision
- Optical Tape
- Magnetic
- Inductive Guidance
By End Use
- Retail and Wholesale
- Logistics
- Automotive
- Food Industry
- Others
By Application
- Indoor
- Outdoor
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Mitsubishi Logisnext Co., Ltd.
- Toyota Industries Corporation
- Jungheinrich AG
- BALYO
- KION GROUP AG
- Oceaneering International, Inc.
- AGILOX Services GmbH
- Swisslog Holding AG
- Hyster-Yale Materials Handling, Inc.,
- Hyundai Construction Equipment Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTONOMOUS FORKLIFT MARKET, BY TONNAGE
CHAPTER 5: AUTONOMOUS FORKLIFT MARKET, BY NAVIGATION TECHNOLOGY
CHAPTER 6: AUTONOMOUS FORKLIFT MARKET, BY END USE
CHAPTER 7: AUTONOMOUS FORKLIFT MARKET, BY APPLICATION
CHAPTER 8: AUTONOMOUS FORKLIFT MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Autonomous Forklift Market is expected to experience a significant growth rate of 11.9% from 2022 to 2031 owing to the increasing trend for automated guided vehicles to be used in different industries across the globe.Autonomous forklifts are also known as self-propelled forklifts that lift goods without human assistance. All storage services can be handled individually. This eliminates the need for human labor for warehouse operations. Defects introduced by human intervention in warehouse operations can be conveniently managed with the advent of automated forklifts. The rapid growth of the logistics and construction industries has increased the demand for autonomous devices. The need to handle heavy loads in material handling and supply chains is driving the demand for automated forklifts. Advances in technology have also increased the efficiency of industrial trucks. Automated forklifts make a significant contribution to optimizing intralogistics processes. This ensures that the right part is always in the right place at the right time. This technology helps drivers avoid potential hazards by calculating the safest maneuver in difficult situations. This will significantly reduce accidents.
The key factors driving the growth of autonomous forklift market includes surging demand for automation solution in various industries, reduction of labor cost in organizations, and increase in safety, accuracy & productivity which creates a wider scope for the growth of the market across the globe. For instance, Flipkart is using artificial intelligence (AI) powered bots that enable bots and humans to work together efficiently. Around 350 AI-powered bots monitored autonomous forklift assist operators to process almost 4,500 shipments per hour at twice the speed with remarkable accuracy. Furthermore, company claims that with the adoption of these bots the throughput and storage capacity has doubled as well. Thus, increasing demand for automation will further help in driving demand of autonomous forklift market.
The market also offers opportunistic factors to the key players operating in the market to enhance their services, which creates ample opportunities for the growth of the market across the globe. This includes growth in e-commerce industry and incorporation of industry 4.0. which crates ample opportunities for the growth of the market across the globe. The e-commerce market continues to grow at a significant rate. Increase in demand for consumer products has led to rise in requirement of warehousing space, for storage of products, which are then distributed to retail stores in bulk, via pallet loads, and cases. Various distribution strategies and warehouse technologies are adopted to distribute the products to the location without any damage. To reduce time and space, forklift is used in the warehouses to place and arrange materials or goods in a proper manner. As per the usage, these trucks are available in different models such as counterbalanced sit-down riders, swing-reach turrets, and order pickers, with different power options including electric, natural gas, diesel, autonomous and gasoline. For instance, in May 2021, according to UNCTAD, a United Nation Conference on Trade and Development expert, the share of the global e-commerce sector's retail sales increased dramatically from 16% to 19% in 2020. Similarly, according to the India Brand Equity Foundation (IBEF) organization, India's e-commerce is expected to reach $99 billion by 2024, growing 27.00% compared to 2019-2024, with food and fashion apparel expected to be major products in it. Thus, developments and growth in the e-commerce industry will further provide opportunities for global autonomous forklift market.
The autonomous forklift market is segmented into tonnage, navigation technology, end-use, application and region. By tonnage, the market is classified into below 5 Tons, 5-10 Tons, and above 10 Tons. On the basis of navigation technology, it is segregated into the laser, vision, optical tape, magnetic and inductive guidance. Depending on end-use, it is classified into retail & wholesale, logistics, automotive, food industry, and others. By application, the market is classified into indoor and outdoor. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Agilox Services GmbH, Balyo, Hyster-Yale Materials Handling, Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, KION Group AG, Mitsubishi Logisnext Co., Ltd., Oceaengineering International, Inc., Swisslog AG, and Toyota Industries Corporation. For instance, in January, 2023, BALYO received investment from Danone Group for the manufacturing of “REACHY” robot forklifts. Similarly, in September, 2021, Hyster-yale materials handling, inc., with Association for Advancing Automation (A3) developed advance automation technology. As a member of A3, Hyster continues to innovate robotic lift trucks, which include a robotic tow tractor, end rider, counterbalanced stacker, and reach truck. Similarly, in May, 2020, Hyundai Construction Equipment Co., Ltd. (HCE) entered into a partnership with Korea Telecom to develop driverless autonomous forklift trucks and smart logistics solutions using 5G technology-based solutions. Such developments carried out by these manufacturers create ample opportunities for the growth of the market across the globe.
Key Market Insights
- By tonnage, the above 10 tons segment was the highest revenue contributor to the market, and is estimated to reach $4.32 billion by 2031, with a CAGR of 12.0%.
- By navigation technology, the laser segment dominated the global market, and is estimated to reach $3.6 billion by 2031, with a CAGR of 11.2%.
- By end use, the retail & wholesale segment was the highest revenue contributor to the market, with $3.3 billion in 2031, with a CAGR of 9.4%.
- By application, the indoor segment was the highest revenue contributor to the market, with $6.6 billion in 2031, with a CAGR of 11.4%.
- By region, Asia-Pacific was the highest revenue contributor, accounting for $3.9 billion in 2031, with a CAGR of 10.5% during the forecast period.
Companies Mentioned
- Mitsubishi Logisnext Co., Ltd.
- Toyota Industries Corporation
- Jungheinrich AG
- BALYO
- KION GROUP AG
- Oceaneering International, Inc.
- AGILOX Services GmbH
- Swisslog Holding AG
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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